FBI Is Raiding Banks
In addition to the report below, there is word that the FBI is hitting other banks.
I'm awaiting word that my big post peak financial conspiracy theory has been disproven. I have argued that the largest institutions will use legal and illegal means to wipe out their smaller competitors. If these raids only hit the smaller chains and doesn't lead to the break up of the likes Goldman Sachs, then this becomes another data point, proving out my thesis.
Though Karl and the rest are celebrating this, I worry that it's one more step towards a corporate monopoly on finance.
h/t The Market Ticker
Downtown building raided by FBI
Updated: Monday, 03 Aug 2009, 1:27 PM EDT
Published : Monday, 03 Aug 2009, 12:07 PM EDT
ORANGE COUNTY, Fla. (WOFL FOX 35) - - FBI agents from the Washington, D.C. field office have raided a building in downtown Orlando.
The building raided is the Colonial Bank building on Pine Street. The FBI is working with the Office of the Special Inspector General for the Troubled Asset Relief Program which was established by the Emergency Economic Stabilization Act of 2008.
FOX 35 has a crew at the scene. Check back for updates.